Thaksin eyes raising Thai GDP to 5%

Nakhon Ratchasima: Former prime minister Thaksin Shinawatra claimed it would not be too difficult to boost the country's GDP to 5%. Addressing participants at the "ISAN NEXT" forum at Nakhon Ratchasima Rajabhat University on Friday, Thaksin said the country's debt exceeds 60% of GDP. ''With the debt ceiling at 70%, the government cannot afford to borrow more.

To reduce the debt, the government will need to increase GDP,'' Thaksin told the forum, adding: "Although this will be challenging to implement, it is a necessary step." The former prime minister also said selling bonds to financial institutions did little to strengthen the economy and suggested selling bonds to the general public could be a solution. He proposed shorter bond terms and warned that without such measures, the country's growth could remain low, potentially reaching only 2%.



"We must make GDP growth reach 5% and it shouldn't be too difficult," he said. Thaksin also pledged to boost growth and development in the northeastern region, a solid support base for the ruling Pheu Thai Party. He said developing soft power would be a good starting point as the region is rich in culture and people there are known for their artistic skills.

Moreover, technologies such as artificial intelligence could also provide a boost to the government's efforts, he added. Thaksin said the region became poorer due to monopolies and the government should do more to limit these monopolies while deploying technologies to improve competitiveness. He cited as an example exports of jasmine rice, which would have to go through the association of exporters.

If this system was replaced by e-commerce, farmers would be able to sell their products directly, he said. He said Prime Minister Paetongtarn Shinawatra assigned cabinet ministers to examine monopolies in the public and private sectors and draw up measures to help reduce costs. He added that if the high-speed rail system is successful, it would pass through several northeastern provinces and could transform the agricultural sector into an industry and meet Chinese market demands.

Thaksin also proposed the exploration of natural resources in the region, saying the Industry Ministry should work with the private sector in this area which could lift the region from poverty..